Toyota sees new business opportunity in leveraging hybrid tech

TOKYO: The head of Toyota Motor electric vehicle business told Reuters the automaker has received enquiries from more than 50 companies since announcing last week that it would offer free access to patents for EV motors and power control units.

Toyota last week outlined plans to offer automakers and auto suppliers royalty-free access to nearly 24,000 electrified vehicle technologies patented by the Japanese auto giant. Already, Terashi said, Toyota believes it could reach the 5.5 million target as early as 2025. The company is working on plans for a new round of capital spending to expand capacity for producing the hardware required.

Toyota’s new business foray underlines the challenges facing even the largest global automakers as they confront some of the most profound technological changes for automobiles in a century.

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